Jacobs Levy Equity Management Inc. Buys New Stake in NBT Bancorp Inc. $NBTB

Key Points

• Jacobs Levy Equity Management Inc. has purchased 46,863 shares of NBT Bancorp Inc., valued at approximately $2,010,000, increasing its stake to 0.10% in the company.
• Analysts have upgraded NBT Bancorp's stock rating, with current consensus ratings showing two "Buy" ratings and three "Hold" ratings, along with a price target of $52.00.
• NBT Bancorp has announced a quarterly dividend of $0.37 per share, which is an increase from its previous dividend of $0.34, reflecting a yield of 3.4%.

Jacobs Levy Equity Management Inc. purchased a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 46,863 shares of the bank's stock, valued at approximately $2,010,000. Jacobs Levy Equity Management Inc. owned approximately 0.10% of NBT Bancorp as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC grew its holdings in shares of NBT Bancorp by 51.3% during the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock valued at $37,000 after acquiring an additional 294 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of NBT Bancorp during the 1st quarter valued at $68,000. Stone House Investment Management LLC purchased a new position in shares of NBT Bancorp during the 1st quarter valued at $88,000. KBC Group NV grew its holdings in shares of NBT Bancorp by 28.4% during the 1st quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after acquiring an additional 611 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of NBT Bancorp by 68.5% during the 1st quarter. US Bancorp DE now owns 3,093 shares of the bank's stock valued at $133,000 after acquiring an additional 1,257 shares in the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NBTB has been the topic of several research analyst reports. Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. DA Davidson lifted their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $52.00.

NBT Bancorp Stock Performance

NBT Bancorp stock traded down $0.36 on Friday, reaching $43.28. 110,711 shares of the stock were exchanged, compared to its average volume of 154,078. The stock has a market cap of $2.27 billion, a PE ratio of 15.62 and a beta of 0.60. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp Inc. has a twelve month low of $37.31 and a twelve month high of $52.44. The firm has a fifty day moving average price of $42.94 and a two-hundred day moving average price of $42.47.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. The firm had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. Sell-side analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio (DPR) is presently 53.43%.

Insiders Place Their Bets

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the transaction, the director owned 82,910 shares of the company's stock, valued at $3,599,952.20. The trade was a 19.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.03% of the stock is currently owned by corporate insiders.

NBT Bancorp Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.